Texas home prices hit all-time high despite falling oil

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It looks like not even declining oil prices can mess with Texas.

The recent drop in oil prices caused many to worry that the booming housing market in Texas might take a hit – but that’s not happening. Instead, home prices in the state shot to an all-time high in the second quarter, according to the Texas Association of Realtors.

Median home prices in Texas spiked 8.1% year over year in the second quarter, rising to $200,000. The average home price rose 9% annually to $258,786. Sales were also up, increasing 46.3% from the first quarter and 4.7% year over year to 88,906, according to the TAR. The second quarter marks an all-time high for Texas home prices, with the median price hitting $200,000 for the first time ever.

“The impact of lower oil prices continues to be delayed, leading to a surprisingly strong second quarter. In fact, Texas home sales are actually stronger than they were this time last year, when oil prices were nearly $100 a barrel,” said Scott Kesner, TAR chairman. “This is further evidence of the strong and enduring demand for Texas real estate.”